“If you are thinking about investing, hopefully, it is because, like me, you believe that Groupon is better positioned than any company in history to reshape local commerce,” he wrote in a letter to potential stockholders.

LinkedIn Corp and Renren Inc, of China, have both seen successful launches recently, while all eyes are on Twitter and Facebook for potential offerings in 2011/12.

Google – which had an offer turned down for Groupon in 2010 - has begun such a service to rival the young start-up.

Groupon warned in its IPO filing it has incurred losses ever since its birth nearly three years ago.

Concerns were also raised technology at the company may not be up to the task of handling demand, expenses will rise, and that the market may not continue to grow.

“As with any business in a 30-month-old industry, the path to success will have twists and turns, moments of brilliance and other moments of sheer stupidity,” concluded Mason.